Dhaka, Sep 29 (UNB)- Islami Bank Bangladesh Limited (IBBL) recently signed an agreement with Bangladesh Rural Electrification Board (BREB) at BREB Office.
Abu Reza Md Yeahia, Deputy Managing Director of the Bank and Md Hossain Patwary, Director of BREB signed the agreement on behalf of respective organisations.
This agreement will facilitate the members of Palli Bidyut Samity to pay their electricity bill through IBBL branches and agent banking outlets under the area of the Samity.
Md Mahboob Alam, Executive Vice President, M Zubayer Azam Helali, Senior Vice President, Nazrul Islam and Mohammed Masud Hakim Khan, Senior Assistant Vice Presidents of the Bank, Prosenjit Kumar Ghosh, Deputy Director, Md Abu Sayed Siddiquee and Md Ziauddin, Assistant Directors of BREB along with top executives and officials of both organisations were present on the occasion.
New York, Sept 29 (AP/UNB) — CBS said Friday that a New York City prosecutor has subpoenaed the company for information related to sexual misconduct allegations that led to the ouster of longtime chief Les Moonves.
The company said in a regulatory filing with the Securities and Exchange Commission that it received subpoenas from the Manhattan District Attorney and New York City's Commission on Human Rights and that it is cooperating.
The state attorney general's office has also requested information, the filing said.
A CBS spokesman declined comment. The district attorney's office also declined comment. The other agencies didn't immediately respond to messages.
Moonves resigned as chairman of CBS on Sept. 9, hours after The New Yorker published a story detailing a second round of ugly accusations against him.
In total, a dozen women have alleged mistreatment, including forced oral sex, groping and retaliation if they resisted him.
Moonves has denied the allegations, though he said he had consensual relations with some of the women.
Outside lawyers hired by CBS continue to investigate allegations against Moonves and Jeff Fager, the former top executive at "60 Minutes."
Fager was fired after he texted a CBS News reporter to "be careful" when she questioned him about reports that he tolerated an abusive environment at the newsmagazine.
The lawyers' investigation is also looking into "cultural issues at all levels of CBS," the filing said.
In a regulatory filing earlier this month, CBS said it would pay Moonves a $120 million severance if that investigation fails to find any evidence of sexual misconduct.
Washington, Sept 28 (AP/UNB) — U.S. consumer spending edged up a moderate 0.3 percent in August, the smallest gain in six months, as sales of cars and other durable goods fell. A key gauge of inflation slowed slightly after its biggest annual gain in six years.
The rise in spending was the weakest since a 0.1 percent bump in February, the Commerce Department reported Friday. Spending had been up 0.4 percent in both June and July. Consumer spending is closely watched because it accounts for two-thirds of economic activity.
The government reported Thursday that the overall economy, as measured by the gross domestic product, grew at an annual rate of 4.2 percent in the April-June quarter, the best in nearly four years. However, GDP is expected to slow in the current quarter to around 3.2 percent.
An inflation gauge closely watched by the Federal Reserve edged up 0.1 percent in August, a tiny gain which left prices rising 2.2 percent over the past 12 months, down from a 2.3 percent 12-month rise in July which had been the fastest pace in six years.
The inflation slowdown will be welcomed at the Federal Reserve which raised its policy interest rate for an eighth time on Wednesday as it tries to make sure that unemployment which has fallen to near a 50-year low does not trigger unwanted inflation.
Core inflation, which excludes energy and food, was up 2 percent for the 12-months ending in August. It has been at that level for the last 12 months. The Fed's goal is to keep inflation at a 2 percent annual gain.
The spending report showed that purchases of durable goods, a category that includes autos, fell by 0.1 percent in August which held back overall spending. Purchases of nondurable goods rose a sharp 0.5 percent, an increase that reflected in part rising gas prices, while purchases of services rose 0.4 percent.
Incomes, which provide the fuel for future spending, were up a modest 0.3 percent for a second straight month although wages and salaries, the key component of incomes, rose a strong 0.5 percent, the best showing since January.
The saving rate in August was unchanged at 6.6 percent of disposable income.
New York, Sep 28 (AP/UNB) — After four days of modest losses, Apple and Amazon led the U.S. stock market to small gains on Thursday. Internet and health care companies rose while mining companies fell with metals prices.
Apple and Amazon are the two most valuable U.S. companies, and analysts said each stock should keep climbing. Other market favorites including Facebook and Google parent Alphabet also rose.
Interest rates slipped for a second day, which led to losses for banks, while the stronger dollar weighed on metals prices and on shares of the companies that mine those metals. Smaller companies, which have struggled in September, also fell.
Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute, said investors have been reluctant to get back into the stock market since the 2008-09 recession, and there are signs that's changing.
"Retail investors have been underinvested for this whole expansion," he said. "The economy is decent. The market is correctly pricing in a relatively low possibility of an all-out trade war."
The S&P 500 index rose 8.03 points, or 0.3 percent, to 2,914. Despite its recent losing streak, the benchmark index is up more than 7 percent since the end of June. With one day left in the third quarter, the S&P 500 is on track for its best quarter since the end of 2013.
The Dow Jones Industrial Average gained 54.65 points, or 0.2 percent, to 26,439.93. The Nasdaq composite climbed 51.60 points, or 0.6 percent, to 8,041.97. The Russell 2000 index of smaller-company stocks dipped 1.08 points, or 0.1 percent, to 1,690.53.
Apple rose after JPMorgan Chase analyst Samik Chatterjee said the stock could climb another 20 percent by the end of next year. Chatterjee said the company was successfully building up its services businesses such as music and payments, which could bring in 20 percent of Apple's annual revenue in the next few years. Chatterjee said the company might make acquisitions in the gaming, automotive or smart speaker businesses.
Apple rose 2.1 percent to $224.95. Elsewhere in the technology sector, Salesforce.com rose 1.3 percent to $160.43. Internet companies also rose. Alphabet rose 1.1 percent to $1,207.36 and Facebook rose 1.1 percent to $168.84.
Amazon rose 1.9 percent to $2,012.98 after Stifel analyst Scott Devitt forecast more revenue for its retail, advertising and web services units and raised his price target to $2,525 a share. That would value Amazon at about $1.2 trillion.
Wren, of Wells Fargo, said many smaller investors have been reluctant to put too much money in the stock market, and with more U.S. workers nearing retirement age, that is probably not going to change. Some experts worry when retail investors hurry into the market because it can be a sign stock prices are going to get too high. But Wren said he's not concerned about that possibility yet.
Bed Bath & Beyond plunged 21 percent to $14.86 after the home goods and furnishings company reported earnings that fell far short of what analysts were expecting. The company also lowered its profit forecast for the rest of the year and said it expects lower sales. Its stock closed at its lowest price since March 2000 and has dropped from $75 in less than four years.
Several other companies that reported quarterly results also traded lower. Conagra Brands, the parent of Chef Boyardee and Hebrew National, fell 8.5 percent to $32.98 after its profit and sales fell short of Wall Street projections. Cruise line operator Carnival gave up 4.8 percent to $63.74 after it said prices for recent bookings have been lower than they were a year ago.
Tesla took a small loss during the day and then dropped 6.1 percent in aftermarket trading after the Securities Commission filed a complaint against CEO Elon Musk. The complaint says Musk made false statements about a plan to take the electric car maker private.
Benchmark U.S. crude rose 0.8 percent to $72.12 per barrel in New York while Brent crude, used to price international oils, added 0.5 percent to $81.72 per barrel in London.
Wholesale gasoline rose 1.2 percent to $2.08 a gallon. Heating oil gained 1 percent to $2.32 a gallon. Natural gas rose 2.6 percent to $3.06 per 1,000 cubic feet.
Bond prices rose again. The yield on the 10-year Treasury note fell to 3.05 percent from 3.06 percent.
The ICE U.S. Dollar index climbed 0.8 percent, which pushed metals prices lower. Gold slid 1 percent to $1,187.40 an ounce. Silver lost 0.8 percent to $14.29 an ounce. Copper fell 1.6 percent to $2.78 a pound.
The dollar rose to 113.42 yen from 112.85 yen. The euro fell to $1.1658 from $1.1762.
The FTSE 100 index in Britain rose 0.5 percent, as did France's CAC 40. Germany's DAX gained 0.4 percent. But Italy's FTSE MIB fell 0.6 percent and Italian government bond prices rose as the new government met to discuss its spending plans. Some investors appear concerned Italy will break eurozone budget rules on to satisfy election promises.
Japan's Nikkei 225 dropped 1 percent and South Korea's Kospi, which reopened after a national holiday, added 0.7 percent. Hong Kong's Hang Seng index slipped 0.4 percent.
Washington, Sept 28 (AP/UNB) — The U.S. economy grew at a robust annual rate of 4.2 percent in the second quarter, the best performance in nearly four years, though economists believe growth has slowed in the current quarter partly because of a drag from trade.
The performance of the gross domestic product, the country's total output of goods and services, was unchanged from an estimate the Commerce Department made last month, the government reported Thursday.
The strong GDP performance has been cited by Trump as proof that his economic program is working.
"We're doing much better than anybody thought possible," Trump said at a Wednesday news conference.
However, a big part of that growth reflected a temporary rush to ship soybeans and other U.S. exports out before penalty tariffs triggered by Trump's get-tough trade policies took effect.
Economists believe growth has slowed in the current quarter to between 3 percent and 3.5 percent, still a solid pace. While trade boosted GDP by 1.2 percentage point in the second quarter, due to a surge in exports, it is expected to trim growth by around 1 percentage point in the third quarter. Some of that weakness may be offset by businesses rebuilding their inventories at a stronger pace.
"Growth still looks quite strong," Jim O'Sullivan, chief U.S. economist for High Frequency Economics, said in describing the revised GDP report for the second quarter. He said he was forecasting third and fourth quarter growth at around 3 percent "before momentum starts to fade in 2019."
A 3 percent growth average in the second half of this year would leave the annual growth in 2018 at 3 percent. That would be the best performance since 2005, three years before the 2008 financial crisis pushed the country into the worst recession since the 1930s.
The country is currently in the 10th year of an economic expansion, the second longest in history. But growth has averaged a lackluster 2.2 percent, making this the weakest recovery in the post-World War II period.
Trump often noted that performance when he campaigned for president, blaming the weakness on Obama administration economic policies. He pushed a $1.5 trillion tax cut through Congress last December and has emphasized deregulation and vowed tougher enforcement of trade agreements as ways to boost growth.
The administration is projecting growth will return to sustained rates of 3 percent or better over the next decade. However, others disagree with that assessment, forecasting growth will slow sharply in coming years as the impact of the tax cuts and increased government spending this year begin to fade. There is also an expectation that rising interest rates from the Federal Reserve will temper growth.
The Fed pushed its key policy rate up for an eighth time on Wednesday to a new range of 2 percent to 2.25 percent.
As he has done recently, Trump criticized that move, but Fed Chairman Jerome Powell told reporters at a news conference on Wednesday that outside criticism would have no impact on the Fed's efforts to follow its mandate of promoting maximum employment and stable prices.
The Fed indicated that it planned to stick with its plan to raise rates one more time this year and another three times in 2019.
The government's third and final look at second quarter GDP showed only minor and off-setting changes. Consumer spending, which accounts for 70 percent of economic activity, was unchanged at a solid growth rate of 3.8 percent. Business investment grew at a strong 8.7 percent rate, up slightly from last month's estimate of an 8.5 percent growth rate.